Bank of America Foreign Transaction fee

Planning a trip abroad? If you’re planning on using your Bank of America debit or credit card while you’re away, it’s important to be aware of the foreign transaction fee. This fee is charged on all purchases and withdrawals made in a foreign currency.

What is the Bank of America foreign transaction fee?

The Bank of America foreign transaction fee is 3%. This means that for every $100 you spend in a foreign currency, you’ll be charged an extra $3. The fee applies to all international transactions, including purchases, withdrawals, and balance transfers.

The fee applies to all international transactions, regardless of how you make the purchase or withdrawal. This means that you’ll be charged the fee whether you use your debit card, credit card, or ATM card.

How to avoid the Bank of America foreign transaction fee

There are a few ways to avoid the Bank of America foreign transaction fee:

  • Use a Bank of America credit card with no foreign transaction fees. Bank of America offers a few credit cards that have no foreign transaction fees, such as the Bank of America® Travel Rewards credit card.
  • Use a Bank of America ATM or an ATM in the Bank of America Global ATM Alliance. Bank of America has partnered with banks all over the world to offer its customers access to fee-free ATMs. You can find a list of Bank of America Global ATM Alliance ATMs on the Bank of America website.
  • Pay in the local currency. Whenever possible, try to pay for goods and services in the local currency. This will help you avoid the foreign transaction fee and get the best exchange rate.

Tips for avoiding foreign transaction fees

Here are a few additional tips for avoiding foreign transaction fees:

  • Notify your bank that you’re traveling. This will help them to identify any unusual activity on your account and prevent fraud.
  • Be aware of the exchange rate. The exchange rate is the rate at which one currency is converted into another currency. The exchange rate can fluctuate frequently, so it’s important to be aware of the current rate before you make a purchase or withdrawal.
  • Use a travel money card. Travel money cards are prepaid cards that you can load with the currency of your destination. This is a good option if you’re traveling to multiple countries, as you won’t have to worry about exchanging currency multiple times.

Conclusion

The Bank of America foreign transaction fee is a 3% fee that is charged on all international transactions. There are a few ways to avoid this fee, such as using a Bank of America credit card with no foreign transaction fees, using a Bank of America ATM or an ATM in the Bank of America Global ATM Alliance, or paying in the local currency. By following these tips, you can save money on your next international trip.

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